Budget 2024: Real estate sector poised for promising future; expectations high for continued focus on ‘Housing for All’

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Interim Budget 2024: From capital gains tax provisions to input tax credit, here's real estate industry's wish list The positive home-buying sentiment experienced in 2023 is expected to spill over into 2024. With urbanisation being the primary driver, the demand for real estate is anticipated to remain robust.

Property prices are expected to witness a substantial upsurge, albeit with varying growth rates across cities and regions. Metropolitan areas are likely to experience higher price increases compared to smaller cities, reflecting the dynamic nature of the real estate market.

Also Read: Budget may cite ‘Vision 2047’ to seek long-term allocations The preceding Union Budget has been a promising one in terms of increased focus on long-term investments, marked by a substantial increase in capital expenditure and a dedicated focus on propelling technological advancements across various sectors, including 5G labs, agricultural tech, AI, infrastructure, and real estate. In the forthcoming Budget 2024, we anticipate that the Prime Minister's vision of 'Housing for All' will continue to be prioritised to continue providing the supply-side stimulus and boost end-user demand.

The government is expected to set up a tax relief plan to make housing affordable enough to increase the demand. We hope that the government will also increase the maximum limit of deduction from ₹2 lakh on housing loan interest rates up to at least ₹5 lakh.